Maharashtra government's decision to increase the ready reckoner (RR) rates in the city will impact the housing demand as it will raise stamp duty. The state government has recently hiked RR rates for both residential and commercial properties in the city.

A day after TOI reported about the ready reckoner (RR) rates being hiked by 1,000% in some parts of the western suburbs, stamp duty officials have admitted to errors in the published figures. The revised rates indicate that prices have been hiked from 5% to 20% similar to other parts of the city.

Notwithstanding high property prices, which have halved sales in the city in just one year, the state government has raised ready reckoner (RR) rates for Mumbai by up to 30%. The increase will come into effect from January 1, 2013, and will primarily affect areas like Prabhadevi, Cuffe Parade and